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Arundel Company disclosed the following information for its recent calendar year. Selected Year-End Balance Sheet Data Accounts receivable decrease Purchased a machine for cash Salaries payable increase Interest payable decrease Income Statement Data Revenues Expenses: Salaries expense Utilities expense Depreciation expense Interest expense Net loss $ 100,000 84,000 14,000 14,600 3,400 $ (16,000) Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Net loss Adjustments to reconcile net income to net cash provided by operating activities: Income statement items not affecting cash Changes in current assets and liabilities $ $ 24,000 10,000 18,000 8,000 0

Arundel Company disclosed the following information for its recent calendar year. Selected Year-End Balance Sheet Data Accounts receivable decrease Purchased a machine for cash Salaries payable increase Interest payable decrease Income Statement Data Revenues Expenses: Salaries expense Utilities expense Depreciation expense Interest expense Net loss $ 100,000 84,000 14,000 14,600 3,400 $ (16,000) Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Net loss Adjustments to reconcile net income to net cash provided by operating activities: Income statement items not affecting cash Changes in current assets and liabilities $ $ 24,000 10,000 18,000 8,000 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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es Arundel Company disclosed the following information for its recent calendar year. Income Statement Data Revenues Expenses: Salaries expense Utilities expense Depreciation expense Interest expense Net loss $ 100,000 Accounts receivable decrease Purchased a machine for cash Salaries payable increase Interest payable decrease 84,000 14,000 14,600 3,400 $ (16,000) Selected Year-End Balance Sheet Data Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Net loss Adjustments to reconcile net income to net cash provided by operating activities: Income statement items not affecting cash Changes in current assets and liabilities $ $ 24,000 10,000 18,000 8,000 0
Transcribed Image Text:es Arundel Company disclosed the following information for its recent calendar year. Income Statement Data Revenues Expenses: Salaries expense Utilities expense Depreciation expense Interest expense Net loss $ 100,000 Accounts receivable decrease Purchased a machine for cash Salaries payable increase Interest payable decrease 84,000 14,000 14,600 3,400 $ (16,000) Selected Year-End Balance Sheet Data Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Net loss Adjustments to reconcile net income to net cash provided by operating activities: Income statement items not affecting cash Changes in current assets and liabilities $ $ 24,000 10,000 18,000 8,000 0
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